Independent Advisor Alliance Reduces Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Independent Advisor Alliance lowered its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 18.2% during the third quarter, Holdings Channel reports. The firm owned 8,289 shares of the biotechnology company’s stock after selling 1,843 shares during the period. Independent Advisor Alliance’s holdings in Biogen were worth $1,607,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. First Horizon Advisors Inc. grew its position in shares of Biogen by 39.8% during the second quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after acquiring an additional 49 shares during the last quarter. Plato Investment Management Ltd grew its position in Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 53 shares during the last quarter. CWM LLC increased its stake in Biogen by 1.7% in the second quarter. CWM LLC now owns 3,765 shares of the biotechnology company’s stock valued at $873,000 after purchasing an additional 62 shares during the period. Grandfield & Dodd LLC raised its holdings in shares of Biogen by 5.2% in the third quarter. Grandfield & Dodd LLC now owns 1,261 shares of the biotechnology company’s stock valued at $244,000 after buying an additional 62 shares during the last quarter. Finally, Quintet Private Bank Europe S.A. boosted its stake in shares of Biogen by 9.7% during the third quarter. Quintet Private Bank Europe S.A. now owns 710 shares of the biotechnology company’s stock worth $138,000 after buying an additional 63 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. HC Wainwright reaffirmed a “buy” rating and set a $300.00 price objective on shares of Biogen in a research note on Thursday, October 31st. Oppenheimer cut their price target on Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Truist Financial reiterated a “buy” rating and issued a $302.00 price objective (down from $340.00) on shares of Biogen in a research report on Monday, August 5th. Robert W. Baird boosted their price objective on shares of Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. Finally, UBS Group reduced their target price on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research note on Thursday, October 3rd. Thirteen investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $257.20.

Biogen Trading Down 0.6 %

Shares of BIIB opened at $157.69 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. Biogen Inc. has a 1-year low of $153.62 and a 1-year high of $268.30. The stock has a market cap of $22.98 billion, a price-to-earnings ratio of 14.24, a price-to-earnings-growth ratio of 1.49 and a beta of -0.06. The firm has a 50 day simple moving average of $180.22 and a 200-day simple moving average of $204.22.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter last year, the business posted $4.36 earnings per share. Biogen’s revenue was down 2.5% compared to the same quarter last year. Equities analysts forecast that Biogen Inc. will post 16.44 EPS for the current fiscal year.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. The trade was a 7.50 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.16% of the stock is currently owned by corporate insiders.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer’s disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.